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China To Miss 2015 Tax Revenue Target

by Mary Swire, Tax-News.com, Hong Kong

01 July 2015


It appears unlikely that China will meet its budgetary target of a five percent increase in tax revenues this year, according to its Finance Minister Lou Jiwei, in comments alongside the presentation of a report on the Central Government's fiscal accounts to the State Council.

The Central Government's revenue in the five-month period to end-May 2015 reached only RMB2.95 trillion (USD402bn), an increase of only two percent over the same period last year.

The impact of the further slowdown in China's economic growth rate this year to an expected seven percent (after an already-reduced 7.4 percent in 2014), and the continuing effect of the Government's previous measures to maintain demand in the economy and reduce tax burdens, particularly on small businesses, is putting its revenue under pressure.

Nevertheless, Lou indicated that the Government would continue to pursue tax reforms. They could include further measures to reduce business taxes, to improve import and export tax policies, and to accelerate the reform of resource taxes. The Government is also investigating potential reform of the property tax and individual income tax systems.

TAGS: individuals | tax | small business | business | property tax | budget | China | revenue statistics | tax reform | individual income tax

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